The National Board of Revenue (NBR) has planned to form ‘border trade coordination committees’ aimed at increasing imports, exports and transit trade.
At the same time, Bangladesh Bank has asked banks to keep a 100 percent cash margin for import of 14 luxury goods aiming to mitigate ongoing dollar shortage and stabilise the country’s economy.
In a press release issued recently, NBR has announced its plan to set up the committees at all customs houses, two international airports and several customs stations.
The primary goal is to expedite customs clearance, reduce trade costs, and enhance competitiveness in the global market.
The committees have been formed at customs houses in Chattogram, Dhaka, Mongla, Benapole, Kamalapur and Pangaon as well as land customs stations at key border points, including Bhomra (Satkhira), Darshana (Chuadanga), Sonamasjid (Chapainawabganj), Hili (Dinajpur), Banglabandha (Panchagarh), and Burimari (Lalmonirhat) apart from Sylhet Osmani International Airport and Chattogram Shah Amanat International Airport.
Each committee, led by customs house or station commissioner, comprises 24 members, representing 22 organisations such as port authorities, Border Guard Bangladesh, Bangladesh Navy, Immigration Department and Bangladesh Bank. They will identify and address
trade-related obstacles, hold quarterly meetings and put forward recommendations to the authorities concerned.
On the other hand, the central bank has set a 100 percent cash margin for import of luxury items such as motor cars, gold, jewellery, leather products, electronics and soft drinks.
It is part of the government's efforts to manage foreign exchange reserves amid global economic headwinds. The directive is aimed at tightening controls on luxury imports and promoting economic stability.
For all other products, cash margin requirements will be determined based on banker-customer
relationship.
Such measures are crucial for balancing trade facilitation with economic stability in Bangladesh.
